NYIF disbursement: Ministry clears doubt about the Loan Approval
The Ministry of Youth and Sports Development has dispelled doubts about the disbursement of the Nigerian Youth Investment Fund (NIIF), assuming this is done in stages.
The Ministry of Youth and Sports Development acknowledges the plight of some NYIF beneficiaries, particularly those who have reported on the stress of N30000.00 cap delivery capacity on disbursement under the first tranche of N12.5 billion.
“First of all, the framework specifies 250k as the maximum for individual and qualified businesses that can reach 3m to meet the main criteria set out in the Guidelines and Conditions that are important.
Given the number of applications, there was a need to ensure dissemination and enable more beneficiaries to enjoy the facility. ”
The statement further stated, “It is pertinent to state that the Ministry has received more than three million applications for the available N12.5 billion, and at the current cap of N300.000.00 per beneficiary, covering only about 41,000 beneficiaries.
‘The ministry is keen to reach out to the maximum number of beneficiaries, hence the decision to limit the loan to the current amount.
We also know that some applicants have also benefited from the current intervention, which has supported them and is having an impact on the economy.
“It’s important that we grow slowly in the beginning, given that there are also many first-time borrowers, and that the program is double-edged, which includes capacity building, mentoring, monitoring and support, beneficiaries and expected outcomes. It will sustain. It will guarantee. Once the additional loan is available, the threshold will be possible. ”
The ministry also confirmed that the NYIF is not a grant, but a loan intended for young people to start a small business or to invest money in an existing small business.